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Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
 BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for the maritime industry. The revisions reflect significant changes in the regulatory landscape since the contract was last updated.
In response to changes within the areas of regulation and safety, BIMCO has updated GENCON 1994 to reflect the commercial and legal requirements in today’s shipping practices. The voyage charter party, used in dry bulk trade, was last updated in 1994 and the new version addresses all terms and conditions that the commercial parties need to incorporate by means of rider clauses. This will help companies that may not have an internal legal department to turn to for assistance.
The drafting group engaged in the development of GENCON 2022 consisted of representatives from both the chartering and shipowning sector to assure the new version strikes the right balance with regards to the rights and obligations of both parties.
“When we sit down and start the process of drafting standard contracts and clauses for the maritime industry, our focus is on striking the right balance between the parties involved. This is regardless of which contract or clause is on the drawing table. The drafting of GENCON 2022 reflects this,” says Søren Larsen, BIMCO Deputy Secretary General.
Focus has also been on the importance of producing a clearly worded contract that leaves little room for disputes on matters of interpretation.
“I have been active in dry bulk shipping all my working life and have seen how important it can be to get the wording just right,” says John Weale, Chairman of the drafting sub-committee. “There is no perfect charter party, but I do believe that GENCON 2022 will go a long way towards meeting the needs of today’s industry and avoiding disputes.”
The 2022 update will mark 100 years since GENCON was first launched by BIMCO, as the first edition was published in 1922.
Source: BIMCO
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Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
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- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- PTC India Limited - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Posco Energy - South Korea
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
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